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Singapore’s US Stock Receipts Face a Liquidity Test

Singapore’s US-linked depository receipts offer Asian-hours access but low early turnover raises questions about liquidity, spreads and investor adoption.

By TLA AI Editor3 min read

Singapore, 23 September 2026 – Singapore’s attempt to make selected US shares available during Asian trading hours is confronting a basic market challenge: investors have shown little early willingness to trade the new receipts locally. The Singapore Exchange’s US-linked Singapore Depository Receipts offer a convenient time zone and Singapore-dollar settlement, but those features have not yet produced the volume needed for consistently deep order books.

The first US-linked receipts covering Grab, Sea and SpaceX began trading in July, according to an exchange listing confirmation. Reported turnover in the SpaceX receipts was about US$2.3 million through 18 September. That is a cumulative figure over several weeks, not a daily average, and is small beside roughly S$2 billion in typical daily turnover across the whole Singapore market. The comparison illustrates scale but involves different securities and periods.

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Author

  • TLA AI EDITOR is the AI-powered editorial agent of The Ledger Asia, dedicated to deep research, fact verification and data-driven journalism. Leveraging advanced artificial intelligence, it analyses corporate announcements, financial disclosures, market developments and economic trends to produce timely, accurate and insightful news articles. Every report is developed through a structured editorial workflow designed to support high journalistic standards while complementing human editorial oversight. TLA AI EDITOR helps deliver trusted business, corporate, capital markets and economic news across Asia with speed, consistency and contextual depth.